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09-02-2016, 11:47 AM #1
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Marcus Clapman | Business Development | Cresthill Capital
(High Commissions Payout Group)
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Tel: 917-521-6528 | Fax: 212.671.1473
Email: bizdev@cresthillcapital.com
http://www.cresthillcapital.com
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09-02-2016, 11:49 AM #2
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09-02-2016, 11:58 AM #3
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The resemblance to what went on in other industries that's what. And it puts a bad light on everyone. Makes it way too easy on some of these ill-informed government agency types to make irrational proposals and decisions. Like that woman up in Illinois. She'd love to run with this stuff.
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09-02-2016, 01:04 PM #4jotucker1983Guest
Lol, yeah but guys, nothing out of hand went on in the video? The video is designed to spotlight particular sales reps who went above and beyond their quotas set. That video in particular is the least of our worries from an industry standpoint.
What we ought to be focused on as an industry, are the merchants I sometimes run across who have 3 - 7 stacks, with 30% - 40% of their monthly gross sales going to payback advances. The merchants are literally in tears begging for help because their business is about to go under as a result of the stacks. It's these types of situations that are going to get us (as an industry) in trouble.
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09-02-2016, 01:08 PM #5
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09-02-2016, 02:15 PM #6
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John, yep, I agree -- the issue isn't promotional videos: it's the stacks, it's transparency on cost, it's double dipping, it's debt cycles, it's UDAAP -- every one of these should have been "fixable" through self regulation, which the upmarket lenders are attempting to do -- but much of the higher risk cash advance space is slow to follow. For those merchants that are "in tears" because their business was ruined by stacks (and yes, we see that situation every day and most are too over-levered to help), it is easy to create the perception of hypocrisy if the largest second+ position provider in the space promotes videos of give aways with *literally* stacks of cash (pun intended). HDF said it well: it's "all ingredients in the same soup".
Last edited by Cfairbank; 09-02-2016 at 02:25 PM.
Carl Fairbank
Founder & CEO boldMODE
www.boldmode.com
Carl@boldmode.com
Founder & former CEO of Breakout Capital (sold to SecurCapital in 2019)
www.breakoutfinance.com
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09-02-2016, 03:05 PM #7
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I am not with you on the number of position issue, it seems irreverent if a 1st position funder is taking 30% of his deposits or if its a handful of Advanced companies that together take 30%..... I guess the argument can lead all the way to the US Consumer Rental MARKET: Can landlord take 30% of a tenets Income for Rent. ( i believe millions give 50-70% of income to rent.... should Government decide that a business owner CAN NOT sell his future sales for a discount for upfront capital.
Last edited by mcaguru; 09-02-2016 at 03:08 PM.
Marcus Clapman | Business Development | Cresthill Capital
(High Commissions Payout Group)
——————————————————————————
Tel: 917-521-6528 | Fax: 212.671.1473
Email: bizdev@cresthillcapital.com
http://www.cresthillcapital.com
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09-02-2016, 08:14 AM #8
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Love 'em or hate 'em, Yellowstone's team is absolutely crushing it! Congrats Isaac!
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09-02-2016, 08:38 AM #9
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Carl Fairbank
Founder & CEO boldMODE
www.boldmode.com
Carl@boldmode.com
Founder & former CEO of Breakout Capital (sold to SecurCapital in 2019)
www.breakoutfinance.com
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09-02-2016, 08:18 AM #10
Yellowstone Capital August Sales Spiff for inside reps.
Thanks MCNetwork!
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09-02-2016, 01:30 PM #11
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Guys please lets all give the regulators more credit then making laws and rules from a video. Think about sandy hook you had poor little precious adorable children gunned down (may they rest in peace in god's garden) and was NOT enough to get gun laws changed. Does anyone think lawmakers will Ban intelligent crafty and savvy Business Owners from choosing to sell a little of future sales for capital today based on a company's sales-meeting?
Marcus Clapman | Business Development | Cresthill Capital
(High Commissions Payout Group)
——————————————————————————
Tel: 917-521-6528 | Fax: 212.671.1473
Email: bizdev@cresthillcapital.com
http://www.cresthillcapital.com
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09-02-2016, 01:31 PM #12
if it as seen a predatory, and effects the current banking system? You betcha
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09-02-2016, 01:33 PM #13
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effects current bank system ? I think when facebook goes up 1 Buck zuckerberg makes more then entire MCA space combined funding.
It tells me your Love to our industry but in the real world we are a little dot....Reminds me of the follwoing.... i once read in a little downtown town in Dakota on September 11 people stormed out of the only 4 floor building convicted they are going to be hit next.Last edited by mcaguru; 09-02-2016 at 01:52 PM.
Marcus Clapman | Business Development | Cresthill Capital
(High Commissions Payout Group)
——————————————————————————
Tel: 917-521-6528 | Fax: 212.671.1473
Email: bizdev@cresthillcapital.com
http://www.cresthillcapital.com
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09-02-2016, 02:44 PM #14Karen37aGuest
Hey , I worked at Stratton, the wolf of wall st and VTR Capital , investors associates and the other 5 names they used for a short time when I was in my 20's before I escaped to lesser pastures, never saw anyone I knew from there...I guess they all retired .
Reminds me of old times "crying" with out the midget tossing and the the massive mountains of C on the tables.
Congrats on a great month. Do those numbers include renewals?
Marcus where are you, did you beat those numbers ?
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09-02-2016, 03:06 PM #15
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- Florida, First MCA sold in 85/ WS in 76. CFP/RIA, series 3,6,7,8,10,63,Ins218,220.
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Hey, I was next door at 82 wall.....then down here at Drexel in Mia Bch. We never did the dwarf throw though. Went legitimate after and became a ROP and BM.
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09-02-2016, 03:16 PM #16Karen37aGuest
BTW Marcus you used the analogy of someone giving a "tip" to a waiter...the tip doesnt bankrupt someone.
Use a more suitable analogy...like an extrmely huge "tip" to a stripper, guy goes home to his wife and kids, cant feed them.
It is what it is, and it aint what it aint...we are not saving the manatees.
Some people/merchants use the cash advances to help their business, some do not, some are honest, some lie. Same for the merchant cash advance broker.....in the end its not my money to lend and I wouldnt lend half of these people a nickle. They are lucky someone is willing to do it. I am just transparant, try to do whats right first, then work my way down the scale ..A paper B paper C paper D and hopefully get it priced accordingly.Some dont work that way thats fine for them.
Since traditional lenders tightened lending policies following the 2008 financial crisis, alternative lenders have helped fill the credit gap by providing much needed capital to small businesses.
So I sleep well at night and I know the lenders deserve the % of money they get and I deserve my commission because people default, expenses etc etc
No one is taking these risks and all the drama that comes with it for free.
That lady from Illinois can lend them her money.
Also you wouldnt rent an apt to someone for 5k a month who makes min wage. You know the result, non payment and eviction.Last edited by Karen37a; 09-02-2016 at 03:29 PM.
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09-02-2016, 03:23 PM #17
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LOL its not the yellowstones of the world that are the ones committing fraud. That would be the lending clubs and PE firms in the space.
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09-02-2016, 03:51 PM #18Karen37aGuest
Ive helped these merchants pull all their advances into ONE, then they over extend themselves again because they feel they need to pay themselves a 300k salary or they work 20 hours a week. They say " thats why I opened my own company so I can do what I want"
Like a bad shark tank episode....pass . So thats the other side to the coin of helping these lunatic merchants. I still try though.
Then I think..." I need to be like my hero Marcus", just give them an advance , and buy property like the Monopoly game, Boardwalk and Park place ....next !...its the same result anyway.
** and I am half kidding because I like Marcus
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09-02-2016, 03:39 PM #19Karen37aGuest
No one is committing fraud ...geezus, these merchants take advances out then complain when they over extend themselves or get tired of the payments.
I have 5 people complainging about various lenders ...i finally get tough and say " well you didnt send the money back, and you took a renewal so sht up"
not in those exact words lol
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09-02-2016, 04:03 PM #20
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GUYS CALM DOWN FOR A SEC.. the buddy who just walked into my office left school with $108,000 in student debt. they gave this poor kid 10% of a million dollars while his roommates did not trust him to borrow $5 bucks.
He said they handed him a sheet to sign without informing him he will be paying this off for his life and BTW the school that gave him the money is sitting on a few BILLION IN CASH......yes we need to wake up a little, I speak to merchants all the time they understand what they are doing and they usually complain (yep listen closely) that regulations and high taxes and employee health insurances is killing them and high rents that landlord need to charge because of high real estate taxes..the list goes on.
With that said bad apples are in evrey orchard and need to be removed.Last edited by mcaguru; 09-02-2016 at 04:10 PM.
Marcus Clapman | Business Development | Cresthill Capital
(High Commissions Payout Group)
——————————————————————————
Tel: 917-521-6528 | Fax: 212.671.1473
Email: bizdev@cresthillcapital.com
http://www.cresthillcapital.com
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09-02-2016, 04:29 PM #21
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30% of someones income is different than 30% of a business revenue. That 30% is probably higher than their profit margin which means over 100% of their income. Not really relative
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09-06-2016, 12:45 PM #22
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Marcus Clapman | Business Development | Cresthill Capital
(High Commissions Payout Group)
——————————————————————————
Tel: 917-521-6528 | Fax: 212.671.1473
Email: bizdev@cresthillcapital.com
http://www.cresthillcapital.com
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09-06-2016, 01:10 PM #23
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09-06-2016, 01:11 PM #24
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09-02-2016, 04:57 PM #25Karen37aGuest
Marcus,
Smart landlords do not rent out apts to people who cant afford them. And peoples income after taxes is used as a calculation to figure out how much rent you can afford. And if you do not pay you get evicted toot sweet. it isnt a loan or advance where you owe someone big money $$.
Also people are not taking out 3 apt leases in various locations simultaneously equaling 50-70% of their net income after taxes.
A landlord will not rent to someone with a 500 credit score and minimum income, an apt on the upper east side and also a villa in the hamptons and a condo in vail colorodo it is a recipe for failure.
no one is complaning about MCA advances.
Its about responsible lending and stacking that people are complaining about.
If people have a grab it and go mentality...fine. Everyone makes their choices.
Trust me I can sell anyone anytime. I choose not to. Not that the lenders are all doing it,because they will have defaults.. but some cash advance brokers/lenders I know would sell their grandmother out for a mercedes.
( and it isnt just cash advance brokers, people in general no matter what industry )
And the merchants will sell you out too.
Back to my point always >>thats why we get paid the big bucksLast edited by Karen37a; 09-02-2016 at 05:06 PM.
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